Unilever U-turns on Dutch HQ after shareholder revolt

Unilever has scrapped plans to move its headquarters to the Netherlands after it failed to gain sufficient shareholder approval ahead of a vote on the issue. The Board issued a statement to that effect on its website on Friday.

Some 10 shareholders, with a combined 12 percent of shares in Unilever PLC, were vociferous in their opposition, , according to a report published by Reuters, claiming that the move was aimed at securing greater takeover protection under Dutch law and was not in shareholder interests.

“Unilever has built a long track record of consistent and competitive performance. The Board continues to believe that simplifying our dual-headed structure would, overall, provide opportunities to further accelerate value creation and serve the best long-term interests of Unilever,” said Chairman Marijn Dekkers. “The board will now consider its next steps and will continue to engage with our shareholders.”